The serious drop in the housing market that started with the working class in out-of -the-way areas and rapidly moved into the suburbs populated by the middle class is now hitting the more affluent class in the upper-end areas.
It could be their primary home, vacation home or an investment property, the wealthy have discontinued their mortgage payments at a rate that is significantly higher than that of the remainder of the population.
One out of seven home owners who have mortgages greater than one million dollars is now dangerously delinquent in making their payments.
Approximately one out of twelve mortgages that are lower than one million dollars is presently delinquent, indicating that those who own less opulent homes are more liable to continue making their payments on time.
Although difficult to prove, it may well be that a number of the well-off are deliberately jettisoning properties that they find to be a drain on their finances, just as they would divest themselves of any losing investment.
While deserting their property may be a good financial choice for some borrowers, unfortunately their actions often cause their neighborhoods to become depressed as values drop, partly due to the abandoned homes.
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